Tuesday, December 10, 2019
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ECONOMY | 02-12-2019 08:44

Government approves 6% rise in petrol prices

Petrol prices rose by six percent on Sunday, as the outgoing government of Mauricio Macri increased fuel taxes a final time before leaving office.

Petrol prices rose by six percent on Sunday, as the outgoing government of Mauricio Macri increased fuel taxes a final time before leaving office.

The increase, which brings the price of regular (super) gasoline to about US$0.86 per litre, comes just over a week before Macri hands over power to Peronist president-elect, Alberto Fernández, on December 10.

The increase, decided by the Executive, is part of a move to increase prices following the government's 90-day freeze introduced in the wake of the August PASO primaries. 

This latest rise follows on from a five-percent increase in November. 

Argentina has one of the highest inflation rates in the world. Prices between October 2018 and October 2019 increased by 50.5 percent.

 In 2018, Argentina closed out the year with an inflation of 47.6 percent.

– TIMES/AFP
 

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